The following table shows the costs and demand for the Primrose Oil industry. Total Revenue 0...

 

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The following table shows the costs and demand for the Primrose Oil industry. Total Revenue 0 70 130 180 220 250 270 280 280 Quantity 0 1 2 3 5 6 7 8 Price $75 70 65 60 55 50 45 40 35 Marginal Revenue 70 60 50 40 30 20 10 0 Total Cost $30 45 55 60 75 105 140 180 225 Marginal Cost 15 10. 5 15 30 35 40 45 a. If this were a perfectly competitive industry, what would be the price, output, and total industry profit? b. If, alternatively, this were a monopoly industry, what would be the price, output, and total profit? The following table shows the costs and demand for the Primrose Oil industry. Total Revenue 0 70 130 180 220 250 270 280 280 Quantity 0 1 2 3 5 6 7 8 Price $75 70 65 60 55 50 45 40 35 Marginal Revenue 70 60 50 40 30 20 10 0 Total Cost $30 45 55 60 75 105 140 180 225 Marginal Cost 15 10. 5 15 30 35 40 45 a. If this were a perfectly competitive industry, what would be the price, output, and total industry profit? b. If, alternatively, this were a monopoly industry, what would be the price, output, and total profit?

Answer rating: 100% (QA)

Step 1 please find the answer below Step 2 option C is the correct answer Because of ... View the full answer